The world is changing at a fast pace with growing businesses and industrialisation. But, all business establishments must keep in mind that certain challenges and risks are involved in their work which may turn out to be devastating for them in the long run. To avoid such situations, it is highly advisable that the companies should avail comprehensive business insurance policies and secure their business and life. Business insurance plans not only provide beneficial and innovative solutions, but also enhances profit and functionality.
Why do you need Business Insurance?
Business Insurance protects businesses from risks and immense losses which could happen during the regular course of business. Coverage for legal liability, property damage and employee related risks are offered by business insurance. The insurance needs are evaluated by a particular company depend on the potential risks. The particular type of environment in which a company operates determines the potential risks for that company.
It is of great importance that small business owners evaluate and carefully consider the need of business insurance as they are way more prone to personal financial exposure in the event of loss sustained by the company. It is advisable to work with an experienced, licensed and reputed insurance broker if a business owner is not very sure of assessing the business risks effectively.
Business Insurance in Singapore
The business owners in Singapore have a wide range of business insurance plans to choose from with several companies offering innovative policies to meet the changing needs of their customers. Singaporeans must have a vivid insight about the various products being offered by the business insurance companies. They must analyse, compare and then choose the best plan suitable for them. The business owners must evaluate the business risks that they might face in the course of business and then choose a business insurance plan which would secure them against a heavy loss.
Types of Business Insurance
The insurance companies offer several Business Insurance solutions.
- Commercial Property Insurance
- General Accident and Liability Insurance
- Construction and Engineering Insurance
- Group health, Accident and Travel Insurance
- Marine Insurance
- Professional Liability Insurance
- Product / Package Insurance
- Trade Credit Protection Insurance
- Work Injury Compensation Insurance
Commercial Property Insurance
Office buildings or commercial properties can face unpredicted and unprecedented damages which, in turn, could also hamper the course of the business. Commercial Property Insurance offers protection against any damages caused to the furniture, building, stocks, fixtures, equipment, etc. Policies like Industrial All Risks, Fire Insurance and Loss of Profits are offered by Commercial Property Insurance.
General Accident and Liability Insurance
The General Accident insurance provides comprehensive coverage for multiple business risks. The policy covers the business owners against burglary and fidelity risks involving the employees of the company. The public liability insurance takes care of all legal liabilities that are related to a particular customer’s business.
Construction and Engineering Insurance
Engineering and construction projects are covered against physical or material damages and losses by the Construction and Engineering insurance. Not only does the policy take care of all third party liabilities, but it also ensures enhanced protection to the large capital invested by the companies in such construction and engineering projects.
Group Health, Accident and Travel Insurance
The Group Health and Accident insurance policy provides financial support in case of a medical emergency or unpredicted event. It offers maximum protection to its customers by providing them with medical expenses, hospitalization charges, surgeries, maternity, etc. The Travel insurance, on the other hand, is designed to meet the needs of every traveller. It provides comprehensive cover for any damage to personal baggage or belongings, medical expenses and travel emergencies, etc.
This insurance policy provides marine insurance solution which are affordable by the shipping industries. It offers cover for cargo from the time of dispatch till its delivery. The marine liability protection provides total assistance to the shipping industry service providers including ship repairs, transportation, freight forwarding, etc.
Professional Liability Insurance
The Professional Liability insurance policies come with innovative solutions for risk management. The policies are designed to meet specific requirement of a particular company. Professional Liability insurance offers protection against legal and professional liabilities arising from different services and helps in avoiding risks. It offers enhanced protection to a person seeking medical assistance from a practitioner by giving that individual all rights to sue the practitioner if the medical advice caused any injury or sickness to the insured.
Product / Package Insurance
Product or Package Protection insurance offers comprehensive coverage and includes services like unexpected car repairs. The policy also provides with the money to buy a new car in case of theft of the previous car. It also provides cover for any mechanical defect in case of breakdown of the insured’s car.
Trade Credit Protection Insurance
The Trade Credit insurance is a flexible policy with innovative solutions designed for the customers. The policy ensures maximum protection to the customer by securing the cash flow and warning them in case of payment difficulties that are possible in the course of business.
Work Injury Compensation Insurance
The Work Injury Compensation insurance policy is designed for the companies dealing with a lot of machines and workers at the same time. In the event of accident, an injured worker can claim for financial compensation from the company. The policy works in such a way that it helps the employers of the company to negotiate with the worker so that they can work out a suitable financial solution.
List of companies providing Business Insurance products
There are several companies in Singapore which offer comprehensive coverage with their insurance and offer flexible features.
- Manulife Business Insurance
- AIG SME Business Insurance
- Great Eastern Commercial Insurance
- MSIG Commercial Insurance
- QBE Business Insurance
- ETIQA Business Insurance
- Tenet Sompo Commercial Insurance